Limited Liability Limited Partnership (LLLP) Explained

The Limited Liability Limited Partnership agreement is not a widely used business form because it is new to the business environment. Many LLPs are not even aware the reduced liability that they can see for their general partners under the LLLP form. Some states do not allow the LLLP as an election yet. As a result, states have not established uniformity. Therefore, it makes it hard to make this election if the company works across several states. There are only a few industries that have adopted this form, like real estatecompanies and some television broadcasters like CNN.